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Tuesday, February 2, 2010
Market Review
A cautious start? Asean markets opened on a weaker note yesterday as protracted concerns over the US economy and sovereign debts in Europe gave investors more reasons to sell down, with the Hang Seng index leading the decline. The top corporate news over the long weekend and today are: (i) MITI looking to India and China for FDI investments, (ii) AirAsia temporary shelving flights to Abu Dhabi, and (iii) QSR to open 5 more KFC outlets and 1 Pizza Hut store in Cambodia this year. We expect the local market to start the week on a coutious note, with sentiment very much a function of external developments. In addition to the upcoming releases of the US' Institute of Supply Management indicators this week, investors will also be monitoring the earnings out of the US to gauge more meaningful signs of a sustained turnaround in the US economy, which grew 5.7% in 4Q09. On the local front, the earnings season is set to commence in earnest with few companies within the banking, rubber gloves and telecom sectors scheduled to report this week. The immediate resistance for the KLCI is at 1276 while support is at 1255pts.
Tuesday, February 2, 2010
Market Review
A cautious start? Asean markets opened on a weaker note yesterday as protracted concerns over the US economy and sovereign debts in Europe gave investors more reasons to sell down, with the Hang Seng index leading the decline. The top corporate news over the long weekend and today are: (i) MITI looking to India and China for FDI investments, (ii) AirAsia temporary shelving flights to Abu Dhabi, and (iii) QSR to open 5 more KFC outlets and 1 Pizza Hut store in Cambodia this year. We expect the local market to start the week on a coutious note, with sentiment very much a function of external developments. In addition to the upcoming releases of the US' Institute of Supply Management indicators this week, investors will also be monitoring the earnings out of the US to gauge more meaningful signs of a sustained turnaround in the US economy, which grew 5.7% in 4Q09. On the local front, the earnings season is set to commence in earnest with few companies within the banking, rubber gloves and telecom sectors scheduled to report this week. The immediate resistance for the KLCI is at 1276 while support is at 1255pts.
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